Selling a rental with tenants in place
Most income properties sell with tenants living there. That's normal, and a lot of buyers want it that way.
What usually happens
- Leases usually transfer. The buyer generally takes over existing leases. Have your attorney confirm what your leases say.
- Showings need notice. Follow what the lease says about entry and give tenants a heads-up. Fewer, grouped showings help.
- Paperwork buyers will ask for. A rent roll (list of units, rents and lease dates), copies of leases, deposit amounts and recent utility and repair bills.
- Deposits move at closing. Security deposits are handled at settlement. Your title company and attorney will walk you through it.
Treat every tenant the same and keep it professional. Questions on a specific lease go to your attorney.
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General info only, not tax, legal or investment advice. Check with your CPA and attorney.
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Text SELL to 717-510-1452Written by Josh Schoenly, REALTOR® with eXp Realty, LLC (PA License RS307071). More about Josh. This is general info, not tax, legal or investment advice. Check with your CPA and attorney.
